RBI relaxes the restrictions on HDFC Bank allowing them to issue new credit cards

The Reserve Bank of India (RBI) has relaxed the restrictions on HDFC Bank and permitted the lender to issue new credit cards. HDFC Bank said in a regulatory filing, "The RBI vide its letter dated August 17, 2021 has relaxed the restriction placed on sourcing of new credit cards. The Board of Directors of the bank has taken note of the said RBI letter."   However, the restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by The Reserve Bank of India.  The lender said that it will continue to engage with RBI and ensure compliance on all parameters.

In December 2020, RBI directed asked HDFC Bank to temporarily stop all launches of the 'Digital Business generating activities and sourcing of new credit card customers on certain incidents of outages in the Internet banking, mobile banking and payment utilities of the bank over the past two years. Reacting to the development, Shares in HDFC Bank surged to an intraday high at Rs. 1,565.35 by 1.75 percent from its previous close on the National Stock Exchange.

 

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